Third Avenue Management, a New York-based investment advisory firm that offers its services to private and institutional clients, has appointed Thomas Gandolfo as chief risk officer. Gandolfo, who is a member of Third Avenue's investment team and risk management committee, will assume the newly-created role effective Aug. 1.  

Gandolfo will be responsible for overseeing the firm's investment and enterprise risk management processes by identifying, analyzing and monitoring risk, and enforcing the policies and controls over portfolio management and other operational functions within the firm. He will be based in the firm's New York City headquarters and will report to David Barse, president and chief executive officer.

Gandolfo joined Third Avenue in July 2008. Prior to Third Avenue, Gandolfo was managing director of the Capital Markets and Structured Credit Group at Ambac Financial Group. Previously, he served as chief financial officer of Ambac and led all aspects of the company's capital management and financial reporting.  Earlier in his career, Gandolfo was a senior audit manager at PriceWaterhouseCoopers, where he audited and consulted for some of the firm's largest multinational clients.